ConocoPhillips Sale Of Canadian Oil Sands Assets Leads To Job Cuts

Photo of part of ConocoPhillips' oil sands operation from its web site.

BARTLESVILLE, Oklahoma -

News On 6 has learned ConocoPhillips will eliminate 170 jobs in Bartlesville.

On Thursday, ConocoPhillips announced the sale of its heavy crude and gas operations in Canada to Calgary-based Cenovus Energy.

The company says the deal includes $10.6 billion of cash, payable at closing, and 208 million Cenovus shares, valued at $2.7 billion on March 28, 2017.

“This is a significant, win-win opportunity for ConocoPhillips and Cenovus,” said ConocoPhillips Chairman and Chief Executive Officer Ryan Lance in a news release.

"This transaction will make an immediate and significant impact on the company’s value proposition by allowing us to rapidly reduce debt to $20 billion and double our share repurchase authorization to $6 billion. This means we will not only accelerate, but exceed, the three-year plan we laid out in November 2016," he said.

The jobs being cut in Bartlesville are all believed to be finance jobs.